Wolves have given ­caretaker Terry Connor the chance to save their Premier League skins after Walter Smith became the latest big name to snub them.

Connor – Mick McCarthy’s former right-hand man – has been named Wolves manager until the end of the season, the club have confirmed.

"Since we made the difficult decision to part company with Mick, we have been through a diligent process of assessing potential candidates," said chairman Steve Morgan.

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"Having spoken to a number of people we have drawn that process to a close and myself and the Board are unanimous that Terry is the right man to lead the Club for the remainder of the season.

"This is a decisive step, which creates certainty, and the players are fully behind it.

"As a club, whether that be staff or supporters, we now all need to unite behind Terry and the players and secure as many points as possible over the next 13 games."

Connor has been at the Club for 13 years and has served under four different managers.

Former Rangers and Everton boss Smith joined Alan Curbishley, Steve Bruce, Gus Poyet and Brian McDermott in failing to agree a deal to become manager at Molineux.

Insiders revealed owner Morgan was offering a bonus of only £150,000 to stay up – a fraction of what others are on to beat the drop and tiny in comparison to the £40million another season in the top flight would bring.

The job also pays around £12,500-a-week for the rest of the campaign, with another year’s contract on top if survival is assured.

Morgan prefers a short-term fix and an inspirational figure to lift his team.

But the financial package on offer is below what even out-of-work managers are prepared to accept.

Curbishley has been looking for a job for a couple of years and was Wolves’ No.1 choice to succeed McCarthy, sacked on February 13 after a 5-1 home defeat by West Brom.

But he refused to buy into Morgan’s vision for the Premier League strugglers, which Mirror Sport understands includes drastically overhauling their academy to make youth development a priority.

Bruce, axed by Sunderland in November, was hoping for a bumper deal to get him back in the game.

Smith, who left Rangers in May, was equally unimpressed.

The 63-year-old bowed out with a league and cup double but has decided he does not need the hassle of a relegation scrap with Wolves, who are 18th in the table.

He said: “I’m not going. I was totally unsure whether I really wanted to do it or not. If someone asks you, you’re pleased to be asked but the longer you think about it, you start to ask yourself whether it was right.”

Attempts to land Poyet were frustrated when Wolves were refused permission by Brighton to speak to him.

Reading’s McDermott, formerly in charge of the under-19s at the Royals, was also approached but instead agreed a new deal at the Championship club.

Now Connor, popular with the players, could get Morgan out of a hole although the plan to give him the post for the remaining 13 league games may be adjusted if he fails to make an impact early on.

Bruce was ­interviewed a week ago but was ­unimpressed at being left dangling while the club chased other candidates.

Connor, who has been at Wolves for 13 years, said: “They want to appoint a new manager and I’m just looking after things until decisions have been made.

“The club have asked me to look after it until Saturday.

“They have to make the right decision. Just because something doesn’t happen in one day as the fans would like, it doesn’t mean they should rush into ­something they may regret later down the line.”

Former Molineux chief Dave Jones and ex-West Ham manager Glenn Roeder have been mooted as possible short-term appointments and are available.

Poyet has refused to rule out a switch despite Wanderers baulking at his £2m-plus buy-out clause.

He said: “I’m honest. I’m not going to lie to people.

“People say they’re going to be here for the next ten years and one month later they’re gone.

“If it’s the right option and it’s an ­opportunity where you can’t say ‘no’, we’ve a problem. I’m not saying I’ll go, but we’ve a problem.”

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